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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, March 20, 2024, Vol. 27, No. 58

                           Headlines



A U S T R A L I A

AONE REDS: Second Creditors' Meeting Set for March 25
BLUESKY GREENSLOPES: Second Creditors' Meeting Set for March 27
FIRSTMAC MORTGAGE 4: S&P Hikes 2022-1 Cl. E Notes Rating to BB+
GREENSILL: Insurer Allegedly Asked Lex Greensill for Donation
LGB & CO: First Creditors' Meeting Set for March 25

MAIN FACILITIES: First Creditors' Meeting Set for March 25
NETCOMM WIRELESS: Enters Into Voluntary Administration
NOVAK MOTORS: Second Creditors' Meeting Set for March 27
OLYMPUS TRUST 2024-1: S&P Rates AUD1.50MM Class F Notes 'B+'
PROJECT COORDINATION: Builder Collapses After 50 Years in Business



C H I N A

CHINA EVERGRANDE: Unit, Founder Punished for Securities Fraud
CHINA VANKE: Credit Pursuit Clouded by Clamour for Collateral
YUEXIU REAL: Moody's Lowers CFR to Ba2, Outlook Remains Negative


I N D I A

ABERDEEN FOODS: Insolvency Resolution Process Case Summary
ACME REALTIES: Insolvency Resolution Process Case Summary
ASSOCIATE LUMBERS: CRISIL Keeps D Debt Rating in Not Cooperating
AVARTANAH INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
BL KASHYAP: CRISIL Reaffirms B- Rating on INR55cr Cash Debt

BUZZ SPORTS: Voluntary Liquidation Process Case Summary
CARDPRO SOLUTIONS: Insolvency Resolution Process Case Summary
DALANE INDUSTRIES: Insolvency Resolution Process Case Summary
DAULAT AGRO: Insolvency Resolution Process Case Summary
DEEPIKA INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating

DEMECH CHEMICAL: CRISIL Keeps B Debt Rating in Not Cooperating
DOLBIS GRANITE: CRISIL Keeps D Debt Ratings in Not Cooperating
DSK MILKOTRONICS: Insolvency Resolution Process Case Summary
DWARKADHIS PROJECTS: Insolvency Resolution Process Case Summary
EARLEEN REAL ESTATE: Insolvency Resolution Process Case Summary

ESM TEXTILES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
FILM FARM: CRISIL Lowers Rating on INR9cr Term Loan to D
FIROZABAD CERAMICS: CRISIL Keeps D Ratings in Not Cooperating
FOREST PRESS: CRISIL Keeps D Debt Ratings in Not Cooperating
GAJANAN FIBER: CRISIL Keeps B+ Debt Ratings in Not Cooperating

GARIB NAWAZ: Insolvency Resolution Process Case Summary
GJS INFRATECH: Insolvency Resolution Process Case Summary
GRAND AUTO: Insolvency Resolution Process Case Summary
HR FOOD: CRISIL Withdraws B- Rating on INR7.13cr Term Loan
ING BPO: Voluntary Liquidation Process Case Summary

KALVIR REALTY: Voluntary Liquidation Process Case Summary
KALYAN SAREES: CRISIL Moves Debt Rating on INR20cr Loan to B
KAMDHENU UDYOG: CRISIL Withdraws B Rating on Long Term Loan
KIRTIMAN CEMENTS: Insolvency Resolution Process Case Summary
KVIR TOWERS: Pre-packaged Insolvency Resolution Case Summary

LILASONS ALCO: CRISIL Withdraws B- Rating on INR12cr Cash Loan
MAHALAKSHMI SPINTEX: CRISIL Withdraws B+ Rating on INR13.5cr Loan
METRO JET: Liquidation Process Case Summary
PJR PROJECT: CRISIL Withdraws B+ Rating on INR1.5cr Cash Loan
PLANET 41: Liquidation Process Case Summary

PURVI METALS: Liquidation Process Case Summary
RAMOS CERAMIC: Insolvency Resolution Process Case Summary
RECALL ALLOYS: CRISIL Lowers Rating on INR17.75cr Term Loan to B
RELIGARE FINVEST: Ind-Ra Withdraws D LongTerm Bank Loan Rating
ROBERT BOSCH: Voluntary Liquidation Process Case Summary

SAIBHASKAR IRONS: Liquidation Process Case Summary
SAMPURNA SUPPLIERS: Liquidation Process Case Summary
SANMAAN AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
SANVI SPINTEX: CRISIL Withdraws B+ Rating on INR8.5cr Cash Loan
SANYEEJI STEEL: Insolvency Resolution Process Case Summary

SAYA AUTOMOBILES: Insolvency Resolution Process Case Summary
SHOBHA ASARS: Insolvency Resolution Process Case Summary
SHRADHA AGENCIES: Liquidation Process Case Summary
SHREE MAHALAXMI: Insolvency Resolution Process Case Summary
SIPAI INDUSTRIES: CRISIL Keeps B Debt Rating in Not Cooperating

SPEEDOFER COMPONENTS: CRISIL Keeps B- Ratings in Not Cooperating
TALIB HUSSAIN: CRISIL Lowers Rating on INR6cr Loan to B
THIRUMALA CABS: CRISIL Lowers Rating on INR10cr Term Loan to D
UCI LOGISTICS: Voluntary Liquidation Process Case Summary
UMRITHA INFRASTRUCTURE: Insolvency Resolution Process Case Summary

VIJAY WEAVING: Insolvency Resolution Process Case Summary
VISWABHARATHI EDUC: CRISIL Withdraws D Rating on INR155cr Loan
YASHRAJ CONTAINEURS: Insolvency Resolution Process Case Summary


J A P A N

[*] JAPAN: Record Number of Fitness Clubs Go Bust in 2023


N E W   Z E A L A N D

HKS INVESTMENTS: Placed Under Receivership
MAGIC KIDS: Creditors' Proofs of Debt Due on April 12
SKY STONE: Court to Hear Wind-Up Petition on March 22
TAJ HOTEL: Court to Hear Wind-Up Petition on April 18
TRAVEL2000 LIMITED: Court to Hear Wind-Up Petition on April 18



P A K I S T A N

PAKISTAN: Holds Rate at Record With IMF Talks Underway


S I N G A P O R E

BULL WILL: Court Enters Wind-Up Order
CRG CONTRACTORS: Court Enters Wind-Up Order
IIML FUND: Creditors' Proofs of Debt Due on April 18
ONB TECHNOLOGIES: Commences Wind-Up Proceedings
TERAS LYZA: Commences Wind-Up Proceedings


                           - - - - -


=================
A U S T R A L I A
=================

AONE REDS: Second Creditors' Meeting Set for March 25
-----------------------------------------------------
A second meeting of creditors in the proceedings of Aone Reds Pty
Ltd has been set for March 25, 2024 at 11:00 a.m. online via
Microsoft Teams.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 22, 2024 at 5:00 p.m.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on Feb. 19, 2024.


BLUESKY GREENSLOPES: Second Creditors' Meeting Set for March 27
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Bluesky
Greenslopes Pty Ltd has been set for March 27, 2024 at 11:00 a.m.
at the offices of Rodgers Reidy at Level 2A, 181 Elizabeth Street
in Brisbane.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 25, 2024 at 5:00 p.m.

David James Hambleton of Rodgers Reidy was appointed as
administrator of the company on Feb. 21, 2024.


FIRSTMAC MORTGAGE 4: S&P Hikes 2022-1 Cl. E Notes Rating to BB+
---------------------------------------------------------------
S&P Global Ratings raised its ratings on four classes of notes
issued by Firstmac Fiduciary Services Pty Ltd. as trustee of
Firstmac Mortgage Funding Trust No.4 Series 2022-1. At the same
time, S&P affirmed its ratings on two classes of notes.

The raised ratings reflect an increase in credit support provided
to each rated class of notes and the strong cash flows, which are
sufficient to cover rating stresses consistent with the higher
rating levels. The rating affirmations reflect S&P's view of the
credit risk of the underlying collateral portfolio, which has been
amortizing in line with our expectations. The pool continues to
perform well.

The current loan-to-value (LTV) ratio for the pool has decreased as
principal has been repaid. As of Jan. 31, 2024, the pool has a
current weighted-average LTV ratio of 62.5%, weighted-average
seasoning of 49.2 months, and pool factor of about 52.0%. Loans
that are more than 30 days in arrears comprise 0.46% of the pool,
of which 0.40% is more than 90 days in arrears. There have been no
losses to date for this portfolio.

S&P said, "We believe that the credit support provided to each
class of notes is sufficient to withstand the stresses we apply at
their respective rating levels. Credit support comprises
subordination, excess spread (if any), and lenders' mortgage
insurance on 14.6% of the loan portfolio.

"We expect that the various mechanisms to support liquidity within
the transaction, including principal draws and an amortizing
liquidity reserve, are sufficient to ensure timely payment of
interest. These mechanisms combined are sufficient under our
cash-flow stress assumptions to ensure timely payment of interest
for each class of notes at their respective rating levels.

"The factors constraining our rating on the class E notes below
model-implied outcomes are the absolute amount of credit support
and current macroeconomic conditions that could lead to higher
arrears. An increase in arrears could lead to an increase in
expected losses, which constrains our rating on the class E notes
at 'BB+ (sf)'."

  Ratings Raised

  Firstmac Mortgage Funding Trust No.4 Series 2022-1

  Class B: to AAA (sf) from AA (sf)
  Class C: to AA (sf) from A (sf)
  Class D: to A (sf) from BBB (sf)
  Class E: to BB+ (sf) from BB (sf)

  Ratings Affirmed

  Firstmac Mortgage Funding Trust No.4 Series 2022-1

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)


GREENSILL: Insurer Allegedly Asked Lex Greensill for Donation
-------------------------------------------------------------
The Australian Financial Review reports that the key insurance man
for now collapsed fast-finance business Greensill Group allegedly
asked founder Lex Greensill for charity donations, and blamed
"hubris" for signing up multimillion-dollar insurance deals that
blew past his authorised limits.

AFR relates that insurance underwriter Greg Brereton also allegedly
blamed the "intoxication" of signing up what he thought were safe
deals in explaining why he signed agreements at the heart of AUD7
billion in disputes entangling insurers, including Australian giant
IAG.

"Part of the intoxication here," he allegedly said. "In my view,
the Greensill business makes good underwriting sense."

According to AFR, the claims were detailed in notes of a meeting
between Mr Brereton and his managers two days before the
underwriter was sacked on July 8, 2020, for "serious misconduct",
and are filed in the Federal Court.

The management's meeting notes are part of documents obtained by
The Australian Financial Review relating to billions of dollars of
disputed insurance claims triggered after the 2021 collapse of
Greensill Group, founded by Mr. Greensill.

Insurance - a large part of which was allegedly signed in IAG's
name - was crucial in Greensill Group's financing business, AFR
notes. That was because investors in the business wanted the
protection of insurance in case deals went bad.

AFR says the documents also reveal Mr. Greensill and his client
Sanjeev Gupta, the steel entrepreneur who owns South Australia's
Whyalla Steelworks, allegedly made donations to a charity walk for
Mr. Brereton's son, who had a disability.

Mr. Brereton told managers the two businessmen had shelled out
thousands of dollars over two years in donations, after the
underwriter had approached them, the meeting notes said.

But Mr. Brereton allegedly maintained the donations were not paid
to help the businessmen obtain insurance.

"Trust me, zero strings attached," he allegedly said.

Mr. Brereton also allegedly said he had earlier told an insurance
colleague about the donations. He thought Mr. Gupta had donated
"AUD15K for both years", the notes said, while a subsequent auditor
investigation, also filed in court, identified that "AUD9000 has
been donated by Sanjeev Gupta" and "AUD2K donated anonymously is
from Peter and Lex [Greensill]" in April 2020.

According to AFR, insurers including Sydney-based IAG and Japanese
giant Tokio Marine are being chased by investors and creditors to
pay up on insurance claims related to the Greensill Group collapse.
The insurers argue they are not liable.

AFR relates that IAG claims in court defences it did not even know
some policies had existed, accusing Mr Brereton, an underwriter at
its formerly half-owned shopfront insurance agency Bond & Credit,
of signing up policies beyond his authorised limits.

But Mr. Brereton, renowned in the industry as a sector veteran and
avid rugby league fan, in his own Federal Court defences has
maintained IAG was aware of policies and that he was authorised to
ink deals.

Tokio Marine had bought the agency where Mr Brereton worked in
mid-2019. Documents filed in court, as part of Tokio Marine's
action to try and strike out some legal claims against it, alleged
Mr. Brereton was "already under investigation" about breaches
"identified as 1 June (2020)."

Mr. Brereton has been accused of subsequently signing more policies
- the meeting in July 2020 heard he had a AUD2 million underwriting
limit but had written up a Greensill Group-linked deal that was
"AUD20 million above your single buyer authority".

                      About Greensill Capital

Greensill Capital is an independent financial services firm and
principal investor group based in the United Kingdom and Australia.
The Company offers structures trade finance, working capital
optimization, specialty financing and contract monetization.
Greensill Capital Pty is the parent company for the Greensill
Group.

Greensill began to unravel in March 2021 when its main insurer
stopped providing credit insurance on US$4.1 billion of debt in
portfolios it had created for clients including Swiss bank Credit
Suisse.

Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited filed for insolvency in Britain on March 8,
2021.  Matthew James Byrnes, Philip Campbell-Wilson and Michael
McCann of Grant Thornton were appointed as administrators.

Greensill Capital Pty Ltd. filed insolvency proceedings in
Australia.  Matt Byrnes, Phil Campbell-Wilson, and Michael McCann
of Grant Thornton Australia Ltd, as voluntary administrators in
Australia.

Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 21-10561) on March 25, 2021.  The petition was
signed by Jill M. Frizzley, director.  It listed assets of between
$10 million and $50 million and liabilities of between $50 million
and $100 million.  The case is handled by Honorable Judge Michael
E. Wiles.  Togut, Segal & Segal LLP, led by Kyle J. Ortiz, is the
Debtor's counsel.


LGB & CO: First Creditors' Meeting Set for March 25
---------------------------------------------------
A first meeting of the creditors in the proceedings of LGB & Co Pty
Ltd will be held on March 25, 2024 at 9:30 a.m. via videoconference
facilities.

Kathleen Vouris and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on March 13, 2024.


MAIN FACILITIES: First Creditors' Meeting Set for March 25
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Main
Facilities Pty Ltd will be held on March 25, 2024 at 11:00 a.m. via
teleconference only.

Mohammad Najjar of Vanguard Insolvency Australia was appointed as
administrator of the company on March 13, 2024.


NETCOMM WIRELESS: Enters Into Voluntary Administration
------------------------------------------------------
SmartCompany reports that telco equipment supplier NetComm Wireless
has entered voluntary administration after operating for over 40
years.

Documents listed by the Australian Securities and Investments
Commission (ASIC) on March 13 show Kate Conneely and Rahul Goyal
from Cor Cordis have been appointed administrators of the company,
SmartCompany discloses.

NetComm Wireless provides telecommunications infrastructure
equipment to telco companies in Australia and other markets. It saw
large profits back in 2018 off the back of expansion in the 5G,
fixed-wireless, fibre to the curb and industrial IoT spaces.

SmartCompany understands that a divestment process was run by Casa
Systems - a US company that acquired NetComm back in 2019 - in the
second half of 2023.

Casa originally purchased NetComm to add fixed wireless to its
portfolio of offerings, as well as diversify its global reach and
revenue streams.

While the process ran for several months and there were several
interested parties, the bids were not accepted by Casa. As a
result, the directors chose to appoint administrators instead in
order to restructure and sell the company, SmartCompany relays.

A challenging economic environment is understood to be playing a
part in this decision. Casa Systems faced a tough Q3 in 2023,
reporting a revenue of US$62.1 million but a significant net loss
of US$25.6 million under GAAP.

This included substantial non-cash charges, such as inventory
obsolescence, impairment loss on their corporate headquarters and
workforce restructuring.

According to Cor Cordis, NetComm continues to operate on a
going-concern basis, SmartCompany relays. This includes
re-establishing supply chains and liaising with customers regarding
orders.

SmartCompany relates that the administrators confirmed that it
approved the first round of freight and goods going out to
customers on Tuesday.

"We're continuing to trade, we've kept everyone employed. We're out
there talking to our customers and our suppliers," Kate Conneely,
partner at Cor Cordis, said on a call with SmartCompany.

"Our objective is to sell this business to recapitalise to a new
owner."

An initial creditors meeting will be held virtually on March 21,
until then it is unclear how much is currently owed, SmartCompany
discloses.


NOVAK MOTORS: Second Creditors' Meeting Set for March 27
--------------------------------------------------------
A second meeting of creditors in the proceedings of Novak Motors
Pty Ltd has been set for March 27, 2024 at 11:30 a.m. at the
offices of Cor Cordis at Level 29, 360 Collins Street in Melbourne
and via virtual meeting technology.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 26, 2024 at 4:00 p.m.

Daniel Peter Juratowitch and Rachel Burdett of Cor Cordis were
appointed as administrators of the company on March 27, 2024.


OLYMPUS TRUST 2024-1: S&P Rates AUD1.50MM Class F Notes 'B+'
------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee of Olympus 2024-1 Trust.

Olympus 2024-1 Trust is a securitization of prime residential
mortgages originated by Athena Mortgage Pty Ltd. This is the second
standalone RMBS transaction rated by S&P Global Ratings consisting
fully of loans originated by Athena.

The ratings S&P has assigned to the floating-rate RMBS reflect the
following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. Our assessment of credit risk considers
Athena's underwriting standards and approval process. S&P's
assessment also takes into account Athena's servicing and
underwriting standards.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, and the provision
of an extraordinary expense reserve. S&P's analysis is on the basis
that the rated notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and S&P assumes the notes are not called at or
beyond the call-option date.

S&P said, "Our ratings also consider the counterparty exposure to
National Australia Bank Ltd. as bank account provider and liquidity
facility provider. The transaction documents for the facilities
include downgrade language consistent with S&P Global Ratings'
counterparty criteria.

"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Ratings Assigned

  Olympus 2024-1 Trust

  Class A1, A$900.00 million: AAA (sf)
  Class A2, A$60.00 million: AAA (sf)
  Class B, A$14.50 million: AA (sf)
  Class C, A$10.00 million: A (sf)
  Class D, A$5.00 million: BBB (sf)
  Class E, A$5.00 million: BB (sf)
  Class F, A$1.50 million: B+
  Class G1, A$2.00 million: Not rated
  Class G2, A$2.00 million: Not rated


PROJECT COORDINATION: Builder Collapses After 50 Years in Business
------------------------------------------------------------------
News.com.au reports that a major building company has collapsed
with the majority of staff sacked and $120 million worth of
projects up in the air.

News.com.au relates that Project Coordination (Australia) Pty Ltd,
which had been in business for 50 years, went into voluntary
administration on March 19.

The business had offices in Canberra and Wollongong and did
construction work in the ACT and NSW.

At the time of its demise, Project Coordination had $120 million
worth of projects on its books and a further $90 million in the
pipeline, ready to start.

The building company had been in business since 1975, and its
directors, Paul Murphy and Gavin Murphy, said they had made the
"soul destroying" decision to put the company into external
administration, according to news.com.au.

News.com.au relates that the appointed administrators, Jonathon
Colbran, Frank Lo Pilato and Brett Lord of insolvency firm RSM
Australia, said that preliminary investigations show that the
company owes around $20 million to more than 200 creditors.

Most of the $20 million debt the business owes to creditors was
only incurred in the past two months, the administrators also
noted.

Project Coordination's 67 staff - 38 of whom are based in the ACT
and 29 in NSW - have mostly been made redundant, news.com.au says.

Only 12 have been kept on to help the administrators with their
work.

According to news.com.au, Project Coordination's collapse puts 14
building projects in jeopardy, with 10 of those based in the ACT
and the other four in NSW.

"Today we informed our staff of our decision and the painful
reality that we would have to let them go," the company's two
directors said in a statement.

"They were emotional meetings and conversations.

"A quarter of our staff have been with us for 15 years or more,
with many over 20 years."

They said they had injected their own money into Project
Coordination to keep it afloat but ultimately they had to shut down
because they could not source any further outside investment,
news.com.au adds.




=========
C H I N A
=========

CHINA EVERGRANDE: Unit, Founder Punished for Securities Fraud
-------------------------------------------------------------
Reuters reports that China Evergrande Group founder Hui Ka Yan will
be barred from the securities market for life and fined CNY47
million (US$6.53 million) after the regulator accused the group's
flagship unit of inflating results, securities fraud and failing to
make timely disclosures.

Reuters relates that Hengda Real Estate said in an exchange filing
that China's securities watchdog also penalised the company and
several of its former senior executives after an investigation.

The penalty represents the latest challenge for Evergrande, the
world's most indebted property developer, which defaulted on its
offshore debt in late 2021 and was ordered by the Hong Kong High
Court to liquidate in January.

It comes days after the China Securities Regulatory Commission
(CSRC) vowed to crack down on securities fraud, and protect small
investors with "teeth and horns," Reuters says.

Last September, Evergrande said its founder was being investigated
over suspected crimes.

According to Reuters, Hengda Real Estate said a probe by the CSRC
found that it inflated revenues by CNY213.99 billion, or half of
the total, in 2019. In 2020, sales were inflated by CNY350 billion,
or 78.5% of total. And the developer issued bonds based on those
falsified statements.

In addition, the company failed to make timely disclosure of annual
and mid-term results, lawsuit cases and outstanding debts.

Hui was directly responsible at the time, so the misconduct was
particularly "egregious and grave in nature", the company said in a
statement, citing the CSRC decision, Reuters relays.

Other executives punished include Hengda Real Estate's former vice
chairman and its former chief financial officer.

Hengda Real Estate will be fined CNY4.2 billion, and ordered by the
regulator to rectify, adds Reuters.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.


CHINA VANKE: Credit Pursuit Clouded by Clamour for Collateral
-------------------------------------------------------------
Reuters reports that a rare Beijing directive to help Vanke beat a
liquidity crisis has left lenders scrabbling for the assets that
the state-backed developer has proposed for collateral, as parties
pull out all the stops to arrest deterioration in the property
sector.

China Vanke is gasping for funding after sales in both January and
February fell below the monthly break-even point of CNY20 billion
($2.8 billion), meaning cash flowed out of the business, Reuters
relates citing an internal memo.

According to Reuters, China's property sector has been in the
throes of a crisis since mid-2021. Local policymakers' stimulus and
easing measures have struggled to boost sales or increase
liquidity, while many property developers have defaulted on debt
obligations.

Reflecting the deepening crisis, regulators asked financial firms
and creditors to step up financing support for Vanke - China's
second-biggest property developer by sales - in a rare intervention
by central government, Reuters reported last week.

With plunging sales as well as bond prices clouding Vanke's
outlook, the developer has shared a list of mainly commercial
projects such as shopping malls and their revenue streams with
potential lenders to access fresh credit, said two people with
knowledge of the matter.

Those lenders include a group of banks, led by Industrial and
Commercial Bank of China, which is in early talks to lend as much
as CNY80 billion, two other people said, Reuters relays.

Lenders are reviewing as much of the higher-value assets as they
can, the people said. At the same time, insurer-creditors have
demanded further collateral before agreeing to extensions to the
maturities of their debt holdings, said a fifth person.

The people declined to be identified as they were not authorised to
speak to the media.

"The more demanding approach from creditors shows they have turned
cautious even with state-related and better-performing developers,
generally perceived as safe," Reuters quotes Gary Ng, Natixis
Asia-Pacific senior economist, as saying.

"Its more difficult situation shows that the biggest risk in the
property market remains in the sluggish home sales."

Analysts estimate the value of Vanke's unpledged commercial
property at CNY77 billion to CNY90 billion, meaning the developer
could borrow as much as CNY45 billion if banks lend at a 50%
loan-to-value ratio, Reuters discloses.

The ratio could be as much as 70% depending on collateral quality,
said some bankers and analysts, underscoring the pressure Vanke
faces to add high-value guarantees to its list.

Analysts expect Vanke to have enough cash to repay $1.4 billion
worth of public bonds maturing this year, but question its
long-term repayment capability considering its fast-depleting cash
and $3.5 billion worth of debt due in 2025, Reuters adds.

                         About China Vanke

China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.

As reported in the Troubled Company Reporter-Asia Pacific in
mid-March 2024, Moody's Ratings has taken the following rating
actions on China Vanke Co., Ltd. and its wholly-owned subsidiary,
Vanke Real Estate (Hong Kong) Company Limited: (1) Withdrawn China
Vanke's Baa3 issuer rating and assigned the company a Ba1 corporate
family rating (CFR); (2) Downgraded the backed senior unsecured
rating on the medium-term note (MTN) program of Vanke Real Estate
to (P)Ba2 from (P)Ba1; and (3) Downgraded the backed senior
unsecured rating on the bonds issued by Vanke Real Estate to Ba2
from Ba1.  


YUEXIU REAL: Moody's Lowers CFR to Ba2, Outlook Remains Negative
----------------------------------------------------------------
Moody's Ratings has downgraded the corporate family rating of
Yuexiu Real Estate Investment Trust (REIT) to Ba2 from Ba1. At the
same time, Moody's has downgraded to (P)Ba2 from (P)Ba1 the backed
senior unsecured rating on Yuexiu REIT MTN Company Limited's backed
medium-term note (MTN) program, and to Ba2 from Ba1 the backed
senior unsecured rating on the backed MTNs issued under the MTN
program.

Moody's has maintained the negative outlook for all entities.

"The rating downgrade and negative outlook reflect Moody's
expectation that Yuexiu REIT's credit metrics will stay weak,
particularly its high debt leverage, at levels that are not
commensurate with its previous rating  given the challenges it
faces to deleverage amid China's slowing economy and weak office
rental market," says Kelly Chen, a Moody's Vice President and
Senior Analyst.

RATINGS RATIONALE

Moody's expects growth in Yuexiu REIT's revenue and EBITDA to be
muted over the next 12-18 months, as improvement in the non-office
segments will be offset by the continued decline in the office
segment. China's weakening prospects for economic growth will
continue to weigh on business sentiment, which could in turn weaken
demand for office space. The office segment reported an occupancy
rate of 82.5% as of the end of 2023, 2.2 percentage points lower
than that as of the end of 2022.

In the absence of asset disposals and other debt reduction plans,
Moody's forecasts the REIT's debt leverage, as measured by net
debt/EBITDA, will remain high at around 14.0x over the year,
compared with 14.2x for 2023. Similarly, Yuexiu REIT's interest
servicing ability, as measured by EBITDA interest coverage, will
remain weak at 1.6x-1.7x over the same period, versus 1.5x for
2023.

Yuexiu REIT's funding cost is likely to trend down moderately in
2024, but will stay elevated. Moody's notes that Yuexiu REIT has
been actively replacing its offshore debt with RMB-denominated
borrowings to lower funding costs and exchange rate risks. As of
the end of 2023, 39% of the trust's total borrowings are
denominated in RMB, compared with 6% as of end 2022.

Moody's also expects that Yuexiu REIT could use more secured
funding to lower interest costs. However, increased secured
borrowing will reduce Yuexiu REIT's financial flexibility and raise
the legal and structural risks of senior unsecured creditors. As of
the end of 2023, secured debt accounted for 25% of Yuexiu REIT's
reported debt, up from 6% as of the end of 2022.  

Yuexiu REIT's Ba2 CFR reflects the trust's portfolio of
good-quality assets in key tier 1 and tier 2 cities in China,
including Guangzhou, the capital city of the economically strong
Guangdong province; Shanghai; Wuhan; and Hangzhou. The Ba2 rating
also reflects Yuexiu REIT's good funding access given its close
linkage to a state-owned sponsor. Guangzhou Yue Xiu Holdings
Limited, which is owned by the Guangzhou municipal government, is
the ultimate controlling unit holder of Yuexiu REIT. However, these
strengths are offset by the REIT's weak credit metrics amid a
challenging operating environment and geographic concentration in
Guangzhou, China.

Yuexiu REIT's liquidity is inadequate because it has to pay out
most of its distributable income as dividends. Moreover, Yuexiu
REIT will need to have continued access to funding to address
refinancing needs. The risk associated with its weak liquidity is
mitigated by Yuexiu REIT's good track record of refinancing
maturing debt over the past few years and strong banking
relationships, considering its government-owned background.

In terms of environmental, social and governance factors, Moody's
has considered Yuexiu REIT's financial policy that favors
debt-funded acquisitions to support its growth over the past few
years, as reflected by its high debt leverage. Moody's has also
considered Yuexiu REIT's concentrated ownership and related party
transactions with its state-owned sponsor.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given the negative outlook, an upgrade of Yuexiu REIT's ratings is
unlikely.

However, Moody's could revise Yuexiu REIT's outlook to stable if it
(1) achieves high occupancy levels and profitability for its
portfolio of assets, (2) improves its credit metrics and (3)
maintains good access to funding with low borrowing costs.

Credit metrics for the rating outlook returning  to stable include
adjusted net debt/EBITDA trending towards 11x-12x and
EBITDA/interest coverage trending towards 2.0x.

On the other hand, Moody's could downgrade the ratings if (1)
Yuexiu REIT's operating and financial performances do not recover
as the agency expected; (2) the trust is unable to reduce its debt
leverage or conducts debt-funded business expansion, or (3) its
access to funding weakens. A reduction in financial flexibility
because of significantly higher secured debt would also pressure
the ratings.

Credit metrics that could lead to a rating downgrade include the
company's leverage being unlikely to reduce over the next 6
months.

Moody's could also downgrade the senior unsecured ratings if Yuexiu
REIT substantially increases secured borrowing to refinance
unsecured offshore debt, and significantly weakens the recovery
rates of senior unsecured creditors.

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in February 2024.

Yuexiu Real Estate Investment Trust (Yuexiu REIT) is the first
listed REIT in Hong Kong SAR, China with a property portfolio
located entirely in China (A1 negative). Yuexiu REIT is also the
first Hong Kong-listed REIT sponsored by a Chinese property
developer.

As of the end of 2023, the trust's portfolio comprised ten
properties, with six located in Guangzhou, one in Shanghai, one in
Wuhan, one in Hangzhou and one in Hong Kong. These properties
include a wholesale mall, Grade A offices, retail malls, a premium
international five-star hotel and a service apartment.




=========
I N D I A
=========

ABERDEEN FOODS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Aberdeen Foods Private Limited

        Registered Address:
        Office No.11, Plot No.285
        CTS No.177/2
        Tara Bag Co-Op Hsg Society
        Koregaon Park, Pune
        Maharashtra India 411001
        
Insolvency Commencement Date: February 9, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 13, 2024

Interim Resolution
Professional: IP Pawan Kumar Ramdhan Agarwal
              42, Gopal Bhawan
              199 Princess Street
              S.G. Marg, Marine Lines (East)
              Mumbai - 400 002
              E-mail: arbitratorpr@gmail.com

Last date for
submission of claims: February 29, 2024


ACME REALTIES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Acme Realties Private Limited
Acme Ghar, 19 K.D. Road Off V.M Road,
        Vile Parle (w), Mumbai City
        Mumbai-400056, Maharashtra, India

Insolvency Commencement Date: February 21, 2024

Estimated date of closure of
insolvency resolution process: August 19, 2024  

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: CA Subodh Kumar Agarwal
       301, 3rd Floor,
              1, Ganesh Chandra Avenue,
              Kolkata-700013
              Email: subodhka@gmail.com

              C/o Gupta & Co
              307, Poddar Chambers,
              109 SA Brevli Road Fort,
              Mumbai-400001
              E-mail: cirp.acmerealties@gmail.com

Last date for
submission of claims: March 7, 2024

ASSOCIATE LUMBERS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Associate
Lumbers Private Limited (ALPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            58         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ALPL for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ALPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ALPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ALPL continues to be 'CRISIL D Issuer Not Cooperating'.

ALPL, incorporated in 1986, is a joint venture between Agicha and
Darvesh families. Based in Mumbai, it trades in timber.


AVARTANAH INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Avartanah
Infrastructure Private Limited (AIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         6          CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     3.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Short Term    4.25       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with AIPL for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AIPL continues to be 'CRISIL D Issuer Not Cooperating'.

AIPL, incorporated on September 24, 2008, provides information
technology services to commercial electrical distributors. The
company also erects electric substations, and provides consultation
for operations and maintenance of thermal power plants. The
operations are overseen by Mr Nilanjan Sen. The company caters to
state governments of West Bengal, Odisha, and Assam, and it has an
International Standards Organisation (ISO) 9001: 2008
certification.


BL KASHYAP: CRISIL Reaffirms B- Rating on INR55cr Cash Debt
-----------------------------------------------------------
CRISIL ratings has reaffirmed its ratings on the bank loan
facilities of BL Kashyap and Sons Ltd (BLK) at 'CRISIL
B-/Stable/CRISIL A4'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        7.19       CRISIL A4 (Reaffirmed)

   Bank Guarantee       16.88       CRISIL A4 (Reaffirmed)

   Bank Guarantee        3.46       CRISIL A4 (Reaffirmed)

   Bank Guarantee       23.9        CRISIL A4 (Reaffirmed)

   Bank Guarantee      130          CRISIL A4 (Reaffirmed)

   Bank Guarantee       87.68       CRISIL A4 (Reaffirmed)

   Cash Credit          21.2        CRISIL B-/Stable (Reaffirmed)

   Cash Credit          26.03       CRISIL B-/Stable (Reaffirmed)

   Cash Credit          31.8        CRISIL B-/Stable (Reaffirmed)

   Cash Credit          40          CRISIL B-/Stable (Reaffirmed)

   Cash Credit          55          CRISIL B-/Stable (Reaffirmed)

   Cash Credit          14.48       CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Demand Loan          21.72       CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Demand Loan          40          CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Demand Loan          20          CRISIL B-/Stable (Reaffirmed)

The reaffirmation in the ratings continues to factor in the
susceptibility of BLK's business to cyclicality in the commercial
real estate segment, limited revenue diversity and modest liquidity
position as reflected in high working capital utilization.

The operating income grew ~8% to INR903 crores in 9 months of
fiscal 2024 compared to INR834 crores in 9m fiscal 2023 on account
of higher execution of projects. The operating margins remained
largely steady at ~8.5% in 9m fiscal 2024.

The financial risk profile is expected to remain modest, marked by
stretched liquidity position as reflected in instances of
over-utilization in the past. These rating weaknesses are partially
offset by BLK's established position and long vintage of more than
three decades in the construction industry.

CRISIL Ratings has noted that there was a delay in the roll-over of
working capital demand loan availed by BLK in February 2024. CRISIL
Ratings has received adequate documentation from the company and
the bankers and established that the delays have occurred due to
technical reasons and not due to lack of willingness or ability of
the company and the same has been confirmed by the bank. The bank
has also confirmed that the company had sufficient liquidity
(including drawing power) during the period.

Analytical Approach

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of BLK and its subsidiaries,
BLK Lifestyle Ltd, Security Information Systems (India) Ltd, BLK
Infrastructure Ltd, and Soul Space Pvt Ltd (SSPL). SSPL is BLK's
real estate arm, and the other subsidiaries provide related
services. All the companies are together referred to as the BLK
group.

Key Rating Drivers & Detailed Description

Weakness:

* Modest Financial Risk Profile: The liquidity position of the
group is stretched as reflected in instances of over-utilisation of
working capital facilities. Financial risk profile is constrained
by large working capital requirement. The interest coverage ratio
over the years has also remained modest.

Strength:

* Long Vintage: The promoters of the company have a long vintage of
more than three decades in the industry with a healthy order book
of around 2-2.5 times the operating revenue of the company.

Liquidity: Stretched

Liquidity is stretched as reflected in average bank loan
utilisation of more than 80%.

Outlook: Stable

CRISIL Ratings believes BLK will continue to benefit from its
established market position and experienced promoters.

Rating Sensitivity Factors

Upward factors

* Significant and sustained improvement in liquidity along with
improvement in interest coverage.
* Operating margins above 9-10% leading to higher net cash
accruals.

Downward factors

* Worsening of liquidity position and deterioration in interest
coverage ratio.
* Operating margin declining below 6% weakening net cash accruals.

BLK was established in 1989 by Mr. Vinod Kashyap, Mr. Vineet
Kashyap, and Mr. Vikram Kashyap. The company was reconstituted as a
public limited company with the current name in 1995. The promoters
have been active in the real estate sector since 1978; they
transferred their business to BLK after it was formed.

BLK provides construction services to customers in the commercial,
residential, and industrial segments. The company has also ventured
into real estate development and related services, such as
furnishing. It has partly restructured its debt under a corporate
debt structuring package, which was approved under statutory
guidelines then on December 31, 2014.

During the first nine months of fiscal 2024, the company achieved
an operating income of Rs. 903 crores and PAT of Rs. 29 crores,
against Rs. 834 crores and Rs. 54 crores respectively during the
corresponding period of the previous fiscal.


BUZZ SPORTS: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Buzz Sports Entertainment Private Limited
        Registered Office:
        81-A, G Block, F/Floor, Pvt No-2,
        Old Plot No-23, Laxmi Nagar,
        East Delhi, Delhi 110092

        Corporate Office:
        A-1 & A-2, Second Floor, Centrum Plaza,
        Golf Course Road, Sector-53,
        Gurugram, Haryana-122002

Liquidation Commencement Date: March 7, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Amit Talwar
     A-4/5, Jiwan Jyoti Apartments, Near Lok Vihar,
            Pitampura, New Delhi-110034
            Email: amittalwarcs@gmail.com
            Tel No: 9899977970
            Email: liq.buzz@gmail.com

Last date for
submission of claims: April 6, 2024


CARDPRO SOLUTIONS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Card Pro Solutions PVT LTD

        Registered Address:
        Unit No. 135, 1st Flr.
        A to Z Industrial Estate
        G.K. Marg, Lower Parel
        Mumbai, Maharashtra 400013
        
Insolvency Commencement Date: February 16, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 14, 2024

Interim Resolution
Professional: Prabhjit Singh Soni
              GG-1/144/C, Third Floor Vikas Puri
              Near PVR Cinema
              New Delhi 110018
              Email: psgurleensoni@gmail.com
                     cardprocirp@yahoo.com

Last date for
submission of claims: March 1, 2024


DALANE INDUSTRIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Dalane Industries Private Limited
Plot No. 194, Sector No.07 Pradhikaran,
        Bhosari, Pune, Maharashtra - 411026

Insolvency Commencement Date: February 26, 2024

Estimated date of closure of
insolvency resolution process: August 24, 2024 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Vasudev Ganesh Nayak
       303/305, Rajama CHS Ltd,
              Near RTO, Four Bungalows,
              Andheri-West, Mumbai-400053
              Email: uvnayak2004@yahoo.co.in
              Email: cirp.dalane@gmail.com

Last date for
submission of claims: March 14, 2024


DAULAT AGRO: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Daulat Agro(India) Private Limited

        Registered Address:
        Mauni Complex
        New Nagar Road
        Sangamner 422605
        Maharashtra
        
Insolvency Commencement Date: February 15, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 12, 2024

Interim Resolution
Professional: S. Gopalakrishnan
              203, The Ghatkopar Nilkanth CHS
              Jethabhai Lane, Ghatkopar (East)
              Mumbai 400077
              Email: gopi63.ip@gmail.com
                     daulat.cirp@sparkresolutions.co.in

Last date for
submission of claims: March 3, 2024


DEEPIKA INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Deepika
Infratech Private Limited (DIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        30.51       CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee        31.30       CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee        21.39       CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee        29.14       CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee        18.16       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           10          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           10          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with DIPL for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2004, Hyderabad-based DIPL, promoted by Mr Kandala
Vijaya, is engaged in civil construction works mainly irrigation
projects.


DEMECH CHEMICAL: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Demech
Chemical Products Private Limited (DCPPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.9        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with DCPPL for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DCPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DCPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DCPPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up by Mr Kashinath Rajaram Natu in Pune in 1993, DCPPL
manufactures epoxy-based chemical products and adhesives that are
used to prevent erosion and corrosion of equipment, pipelines,
structures, and floorings. Operations are managed by the company's
directors: Ms Jyoti Bhide, Ms Prabha Natu, Ms Mamta Sayed, and Mr
Satish Samant.


DOLBIS GRANITE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of DolbiS
Granite Exports Private Limited (DGE) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         5          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with DGE for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DGE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DGE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DGE continues to be 'CRISIL D Issuer Not Cooperating'.

DGE, is a Chennai based company, is involved in processing and
export of granite. The company has manufacturing facility based in
Tamil Nadu.


DSK MILKOTRONICS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s DSK Milkotronics Private Limited
DSK Sunderban S.No. 173, 174, 175
        Sadestranali, Hadpsar, Pune,
        Maharashtra, India, 411028
  
Insolvency Commencement Date: February 14, 2024

Estimated date of closure of
insolvency resolution process: August 12, 2024  

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Anshul Gupta
       410, 4th Floor, Blue Rose Industrial Estate,
              Near Metro Mall, Borivali East
              Mumbai, Maharashtra - 400066
              Email: contactanshulgupta@gmail.com
                     dskmilkotronics.ibc@gmail.com

Last date for
submission of claims: March 1, 2024


DWARKADHIS PROJECTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Dwarkadhis Projects Private Limited

Registered Office:
        Building No.3 Kh, No-385,
        Plot No-2, 100ft Road,
        Ghitorni ,MG Road, Delhi-110030

        Principal Office:
        Building No. 433 Sector 31,  
        Gurgaon-122003

Insolvency Commencement Date: March 7, 2024

Estimated date of closure of
insolvency resolution process: September 3, 2024

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Dr. Lekh Raj Bajaj
       107, Agarwal Prestige Mall Adjoining to M2K Pitampura,
              Delhi-110034
              Email: lekharajbajaj@redffmail.com
              Contact No: 9810109335
              Email: cirp.ddppl@gmail.com

Last date for
submission of claims: March 21, 2024


EARLEEN REAL ESTATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Earleen Real Estate Developers Private Limited

        Registered Address:
        Shop No. 80
        HDIL Harmony Mall
        Goregaon Link Road
        Goregaon (West), Mumbai 400104
        
Insolvency Commencement Date: February 9, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 7, 2024

Interim Resolution
Professional: Jayesh Natvarlal Sanghrajka
              405-407 Hind Rajasthan Building
              Dadar East, Mumbai 400014
              Email: jayesh.sanghrajka@incorpadvisory.in
                     cirp.eredpl@yahoo.com

Last date for
submission of claims: February 26, 2024


ESM TEXTILES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ESM Textiles
(ESMT) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.8        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.2        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with ESMT for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ESMT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ESMT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ESMT continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established as a partnership firm in 1965, ESMT manufactures
readymade garments, primarily for women. Mr Erulappan and Ms E
Rajeshwari are the partners. The firm is based in Virudhunagar,
Tamil Nadu.


FILM FARM: CRISIL Lowers Rating on INR9cr Term Loan to D
--------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term bank
facilities of Film Farm India Private Limited (FFIPL) to 'CRISIL D'
from 'CRISIL B/Stable'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             1         CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Working Capital         9         CRISIL D (Downgraded from
   Term Loan                         'CRISIL B/Stable')

The downgrade in the ratings is on account of delay in the term
debt repayment for the month of February 2024, on account of weak
liquidity.

The ratings continue to reflect the delays in servicing of debt,
exposure to risks inherent in TV content production, modest scale
of operations, weak financial risk profile and large working
capital requirement. These weaknesses are partially offset by the
extensive experience of the promoters in the entertainment
industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in Servicing of Debt: The company has delayed the servicing
of term debt obligations due for February 2024. This is on account
of poor liquidity as the internal cash accruals were insufficient
for the repayment obligation.

* Exposure to risks inherent in TV content production: The biggest
risk in the media and entertainment industry, particularly for
content producers, is rapidly changing consumer preferences. Hence,
the ability to identify emerging themes is key to success. Content
producers are always at the risk of being unable to adapt to
evolving viewership patterns and generating innovative content.
FFIPL is exposed to the risk of time or cost overruns in
production, which may adversely impact its margin.


Modest scale of operations: Although revenues are estimated to
increase to INR30 to 35 crores in fiscal 2023 from INR10.9 crores
in fiscal 2022 backed by additional shows, overall scale of
operations remains modest. Furthermore, the modest scale of
operation limits the benefits related to economies of scale and is
expected to continue to limit operating flexibility.

* Weak financial risk profile: The capital structure remains
leveraged due to modest estimated networth of INR5-6 crores as on
March 31, 2023 (Rs 4 crores as on March 31, 2022) and moderate
dependence on external borrowings for working capital requirements.
Gearing and total outside liabilities to adjusted networth (TOLANW)
stood at about 3.1 times and 5 times as on March 31, 2022 and is
estimated to remain around 2-2.2 times and 2.5-3 times as on March
31, 2023. Debt protection metrics is marked moderate as reflected
in interest coverage and net cash accruals to adjusted debt of 1.31
times and 0.03 times, respectively, for fiscal 2022 and is expected
to improve to around 3 times and 0.15-0.20 times, respectively for
fiscal 2023.

* Large working capital requirement: Operations remain working
capital intensive, as reflected by gross current assets of 784 days
as on March 31, 2022. The company had large work-in progress
inventory for on-going TV ads and serials which leads to high
inventory levels. Gross current asset is estimated to improve to
230 to 250 days as on March 31, 2023 driven by moderate debtors of
20-25 days and inventory of 220 to 230 days.

Strength:

* Extensive experience of the promoters: The promoters, Mr Kalyan
Guha and Ms Rupali Guha have been working in the media and
entertainment business for more than two decades. FFIPL started
producing TV commercials and, over the years, has grown from a
commercial advertisement production company to a successful TV
serial production house. Over the past few years, FFIPL has
established healthy relationships with channel broadcasters, such
as Colors, Zee TV, SAB TV, NDTV Imagine, Star Pravah and Zee
Marathi. The company is currently producing two TV serials i.e.,
'Thipkyanchi Rangoli' which is telecasted on Star Pravah and 'Meri
Saas Bhoot hai' on Star Bharat.

Liquidity: Poor

Liquidity is poor reflected in delays on term debt repayments for
the month of February 2024. Bank limit utilisation is low at around
53 percent for the past twelve months ended January 2023. Net cash
accruals in the range of 1.4 to 1.7 crores in fiscal 2024 and 2025
are tightly matched against the term debt repayment obligations of
INR1.31 crores and INR2.02 crores, respectively. Cash and Bank
Balance was around INR0.18 crores as of March 31, 2022. The
promoters are likely to extend support in the form of equity and
unsecured loans to meet its working capital requirements and
repayment obligations.

Rating Sensitivity factors

Upward Factors:

* Timely servicing of debt obligations continuously for 90 days or
more.
* Increase in revenue while sustaining profitability leading to
high cash accrual.

Incorporated in 1999 by Mr Kalyan Guha, FFIPL produces TV serials
and commercial advertisements. The company is based in Mumbai and
entered film production in 2013. It has produced popular Hindi
serials such as Uttaran, Kashi, and Tumhari Disha. FFIPL released a
Marathi film, Narbachi Wadi, in September 2013


FIROZABAD CERAMICS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Firozabad
Ceramics Private Limited (FCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.5         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        4           CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    1.8         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with FCPL for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of FCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FCPL continues to be 'CRISIL D Issuer Not Cooperating'.

FCPL was set up in 1981, by Mr Shyam Sunder Jain. The company
manufactures glassware products such as jars, tableware, and
bottles used in various industries, including FMCG, pharma,
cosmetic and liquor. The manufacturing unit is at Firozabad.


FOREST PRESS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Forest Press
Machineries Private Limited (FPMPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Term Loan        13          CRISIL D (Issuer Not
                                     Cooperating)

   Inland/Import          0.55       CRISIL D (Issuer Not
   Letter of Credit                  Cooperating)

   Proposed Long Term     1.45       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with FPMPL for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of FPMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FPMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FPMPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

FPMPL was set up in 2015 in Bangalore. The company is engaged in
manufacture of machinery required to meet the demand of concrete
and building materials industry.


GAJANAN FIBER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Gajanan
Fiber Private Limited (SGFPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.5        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              0.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SGFPL for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SGFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGFPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2007, SGFPL is promoted by Mr Ashok Chaudhari and
his family members. The company gins and presses cotton, and
commenced operations in 2009 at its unit in Nandurbar, Maharashtra.
The Chaudhari family has been engaged in the agricultural
commodities business for three decades through group entities.


GARIB NAWAZ: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: GARIB NAWAZ HOTELS PRIVATE LIMITED

        Registered Address:
        29/7 Industrial Area, Phase II
        Chandigarh
        
Insolvency Commencement Date: February 9, 2024

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: August 6, 2024

Interim Resolution
Professional: Jalesh Kumar Grover
              SCO-818, 2nd Floor
              NAC Manimajra, Chandigarh
              Chandigarh 160101
              Email: jk.grover27@gmail.com
              Email: garibnawaz.cirp@gmail.com

Last date for
submission of claims: February 23, 2024


GJS INFRATECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: GJS Infratech Private Limited
Plot No: 852&853,
        SriSwamy Ayyappa Co Operative society,
        Road No 45, Madhapur, Hi-Tech city,
        Hyderabad, Telangana, India, 500081

Insolvency Commencement Date: March 4, 2024

Estimated date of closure of
insolvency resolution process: August 28, 2024

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency
Professional: Mr. Dommeti Surya Rama Krishna Saibaba
       Flat No. A-105, Mahindra Ashvita,
              Hafeejpet Road, Near Hi-Tech City
              MMTS Railway Station, KPHB Colony,
              Hyderabad, Telangana ,500085
              Email: dsrk39@yahoo.com
              Email: gjscirp@yahoo.com

Last date for
submission of claims: March 20, 2024


GRAND AUTO: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Grand Auto Udyog Private Limited
Link Road, PO: Arundaya Market,
        Cuttack-753012 Odisha
Email:grandctk@hotmail.com

Insolvency Commencement Date: March 6, 2024

Estimated date of closure of
insolvency resolution process: September 2, 2024

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Sushanta Kumar Choudhury
       64, Hem Chandra Naskar Road,
              Beleghata, Kolkata 7000010
              Email: ip.gaupl@gmail.com

Last date for
submission of claims: March 20, 2024


HR FOOD: CRISIL Withdraws B- Rating on INR7.13cr Term Loan
----------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
HR Food Processing Private Limited (HFPPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           0.37        CRISIL B-/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Term Loan             7.13        CRISIL B-/Stable/Issuer Not
                                     Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with HFPPL for
obtaining information through letter and email dated March 31, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HFPPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on HFPPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
Continued the ratings on the bank facilities of HFPPL to 'CRISIL
B-/Stable Issuer not cooperating'.

Incorporated in 2010 and promoted by Mr. Abhinav Shah, Mr. Rakesh
Kumar Sharma, Mr. Harsh Thakkar, and Mr. Abhishek Raj, HFPPL began
operations in April 2015 and processes milk to manufacture curd,
paneer, ghee, lassi, toned milk, and sweets (peda). Facility is in
Ramgarh, Jharkhand, and products are sold under the Osam brand.


ING BPO: Voluntary Liquidation Process Case Summary
---------------------------------------------------
Debtor: Ing BPO Services India Private Limited
Plot No. 109, Ph-4 Udyog Vihar Gurgaon,
        Gurugram, Haryana,
        India-122 015

Liquidation Commencement Date: March 4, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Pranav Damania
     407, Sanjar Enclave,
            Opp. Milap Cinema S.V Road,
            Kandivali West, Mumbai-400 067
            Email: pranav@winadvisors.co.in
            Tel No: +91 98204 69825

Last date for
submission of claims: March 20, 2024


KALVIR REALTY: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Kalvir Realty Private Limited
        301/1, Parshwa
        Opp. Rajpath Club
        S G Highway Bodakdev
        Ahmedabad - 380054

Liquidation Commencement Date: February 19, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Ashish Anantray Shah
            402, Shaival Plaza
            Near Gujarat College
            Ellisbridge, Ahmedabad - 380006
            Email: ashish@ravics.com
            Telephone: 079 26420336/7/9

Last date for
submission of claims: March 19, 2024


KALYAN SAREES: CRISIL Moves Debt Rating on INR20cr Loan to B
------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Kalyan Sarees (KS) to
'CRISIL B-/Stable/CRISIL A4 Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL Ratings is migrating the rating on bank
facilities of KS to 'CRISIL B/Stable' from 'CRISIL B-/Stable Issuer
Not Cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          20         CRISIL B/Stable (Migrated from
                                   'CRISIL B-/Stable ISSUER NOT
                                   COOPERATING')

The rating reflects KS's geographic concentration in revenue and
intense competition, weak debt protection metrics. These weaknesses
are partially offset by its extensive industry experience of the
promoter and moderate capital structure.

Key Rating Drivers & Detailed Description

Weaknesses:

* Geographic concentration in revenue and intense competition:
Notwithstanding the decade-long presence of in the apparel retail
business, the scale of operations has remained modest. Though KS
has been able to establish its brand within its region, it has not
diversified its geographic presence, thus leading to huge
concentration in revenue.

* Weak debt protection metrics: The debt protection metrics of the
company have been weak as reflected in interest coverage and net
cash accrual to total debt at 1.21 times and 0 time, respectively
in fiscal 2023 and estimated to be over 1.28 and 0 times for FY24.

Strengths:

* Extensive industry experience of the promoter: The promoter has
extensive experience in Apparel Retail industry. This has given
them an understanding of the dynamics of the market and enabled
them to establish relationships with suppliers and customers.

* Moderate capital structure: KS's capital structure has been at
moderate levels due to lower reliance on external funds yielding
low total outside liabilities to total tangible networth (TOL/TNW)
and gearing for last three year ending on March 31, 2023. TOL/TNW
and gearing stood at 1.80 times and 1.26 times, respectively as on
March 31, 2023 and estimated to be over 1.79 and 1.18 times for
FY24.

Liquidity: Stretched

Bank limit utilization is high at around 98.77 percent for the past
twelve months ended December 2023. Cash accruals are expected to be
over INR0.66 – INR97 crore which is sufficient against nil term
debt obligation over the medium term.

The current ratio is healthy at 4.46 times on March 31, 2023.

Outlook: Stable

CRISIL Ratings believe KS will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factors

* Sustained improvement in scale of operation and improvement in
operating margin leading to higher cash accruals to over Rs.1
crore.
* Improvement in the liquidity profile especially bank limit
utilization.

Downward factors

* Decline in scale of operations and profitability, leading to
lower-than-expected cash accruals Rs.0.50 crore.
* Large debt-funded capital expenditure weakening capital
structure.
* Further weakening of the liquidity profile of the company.

Set up in 2008 KS retails sarees and readymade garments for men,
women, and kids from three showrooms, at Calicut, Thrissur, and
Thiruvananthapuram, in Kerala, with a combined floor space of 1
lakh square feet. Operations are managed by Mr T S Ramachandran.


KAMDHENU UDYOG: CRISIL Withdraws B Rating on Long Term Loan
-----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Kamdhenu Udyog Private
Limited (KUPL) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. CRISIL Ratings has withdrawn its ratings on bank
facility of KUPL following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL Ratings is migrating the ratings on bank facilities of KUPL
to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating. The rating action is in line with CRISIL
Ratings' policy on withdrawal of bank loan ratings.

                       Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Long Term Rating     -         CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

   Short Term Rating    -         CRISIL A4 (Migrated from
                                  'CRISIL A4 ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

Incorporated in 2000 and promoted by the Kolkata-based Agarwal
family, KUPL is engaged in the poultry segment. Its operations are
vertically integrated and include hatcheries, broiler farms, and a
feed mill.


KIRTIMAN CEMENTS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Kirtiman Cements & Packaging Industries Limited
SCO 196-197, Sector 34A,
        Chandigarh, India- 160022
  
Insolvency Commencement Date: February 20, 2024

Estimated date of closure of
insolvency resolution process: August 18, 2024  

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Mr. Narendra Singh Chhabra
              J-114 Second Floor, Natraj Road, Kirti Nagar,
              Near Cabana Restaurants, New Delhí - 110015
              Email: chhabra.ns@gmail.com

              E-10A, Kailash Colony, South,
              National Capital Territory of Delhi -110048
              Email: kirtiman.cirp@gmail.com

Last date for
submission of claims: March 5, 2024



KVIR TOWERS: Pre-packaged Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: Kvir Towers Private Limited
G-06, Ground Floor,
        Plot No. SU LSC B-Block RG City Centre,
        Lawrence Road, North, West, Delhi,
        Delhi, India, 110035

Prepackaged
Insolvency Commencement Date:  February 20, 2024

Court: National Company Law Tribunal, New Delhi Bench

Resolution
Professional:  Mr. Rajeev Lochan
        243, 1st Floor, AGCR Enclave, Delhi,  
               National Capital Territory of Delhi, 110092
               Email: csrajeevlochan@gmail.com
                      ppirp.kvirtowers@gmail.com
               Mobile No: 97111-34469

Last date for
submission of claims: February 23, 2024

LILASONS ALCO: CRISIL Withdraws B- Rating on INR12cr Cash Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Lilasons Alco Bev Private Limited (LABPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            12         CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'CRISIL B-/Stable'; Rating
                                     Withdrawn)

   Long Term Loan          1.3       CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'CRISIL B-/Stable'; Rating
                                     Withdrawn)

   Long Term Loan          7.7       CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'CRISIL B-/Stable'; Rating
                                     Withdrawn)

   Long Term Loan          3.5       CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'CRISIL B-/Stable'; Rating
                                     Withdrawn)

   Long Term Loan          2.2       CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'CRISIL B-/Stable'; Rating
                                     Withdrawn)

   Proposed Long Term      6.3       CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Migrated from
                                     'CRISIL B-/Stable'; Rating
                                     Withdrawn)

CRISIL Ratings has been consistently following up with LABPL for
obtaining information through letter and email dated February 28,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of LABPL . This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on LABPL is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the ratings on
the bank facilities of LABPL to 'CRISIL B-/Stable Issuer not
cooperating'.

LABPL was acquired by American Craft Brew Pvt Ltd in September 2017
and began operations in February 2018. LABPL manufactures beer at
its facility in Sangareddy Medak, Telangana.


MAHALAKSHMI SPINTEX: CRISIL Withdraws B+ Rating on INR13.5cr Loan
-----------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Mahalakshmi Spintex Private Limited (MSPL) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting       6.5        CRISIL A4/Stable/Issuer Not
   under Letter                      Cooperating (Withdrawn)
   of Credit                                                   

   Cash Credit           13.5        CRISIL B+/Stable/Issuer Not
                                     Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with MSPL for
obtaining information through letters and emails dated September
11, 2023, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MSPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MSPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

Incorporated in 2000, MSPL manufactures PSF (recycled fibre) from
polyethylene terephthalate bottles as primary raw material. PSF is
used in home textiles such as cushions and quilts filling and
non-woven carpets for domestic household and auto industries. Its
plant is situated in Baddi, Himachal Pradesh.


METRO JET: Liquidation Process Case Summary
-------------------------------------------
Debtor: Metro Jet Airways Training Private Limited
102-103, Gopalpura Bypass,
        Near Trivani Nagar Chouraha,
        Jaipur , Rajasthan - 302018

Liquidation Commencement Date: January 15, 2024

Court: National Company Law Tribunal Kolkata Jaipur Bench

Liquidator: Bhim Sain Goyal
     109-B, Pocket-F,
            Mayur Vihar-II, Delhi-110091
            Email: bsgoyal@gmail.com

            M-215,Rear Ground Floor,
            Greater Kailash-II, New Delhi-110048
            Email: cirpmetrojet@gmail.com

Last date for
submission of claims: February 14, 2024


PJR PROJECT: CRISIL Withdraws B+ Rating on INR1.5cr Cash Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
PJR Project Constructions Private Limited (PJR) on the request of
the company and receipt of a no objection certificate from its
bank. The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

                       Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Bank Guarantee       12.5      CRISIL A4/Issuer Not
                                  Cooperating (Withdrawn)

   Bank Guarantee       17.5      CRISIL A4/Issuer Not
                                  Cooperating (Withdrawn)

   Cash Credit           0.5      CRISIL B+/Stable/Issuer Not
                                  Cooperating (Withdrawn)

   Cash Credit           1.5      CRISIL B+/Stable/Issuer Not
                                  Cooperating (Withdrawn)

   Cash Credit           1        CRISIL B+/Stable/Issuer Not
                                  Cooperating (Withdrawn)

   Proposed Long Term    0.5      CRISIL B+/Stable/Issuer Not
   Bank Loan Facility             Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with PJR for
obtaining information through letters and emails dated September
11, 2023, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PJR. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PJR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PJR continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

PJR was set up in 2001 by Mr. P Janakirama Raju and his family
members. It undertakes civil construction for irrigation projects
in Andhra Pradesh, and for companies in the public and private
sector. It is headquartered in Visakhapatnam, Andhra Pradesh.


PLANET 41: Liquidation Process Case Summary
-------------------------------------------
Debtor: Planet 41 Mobi-Venture Limited
        122 Linkway Estate
        New Link Road, Malad West
        Mumbai, Maharashtra 400064

Liquidation Commencement Date: February 16, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Bhavesh Mansukhbhai Rathod
            12D, White Spring
            A Wing, Rivali Park Complex
            Western Express highway
            Borivali East
            Mumbai 400066
            Email: bhavesh76@gmail.com

              - and -

            Office No. 515
            5th Floor, Dimple Arcade
            Thakur Complex, Kandivali East
            Mumbai, Maharashtra 400101
            Email: liq.planet41@yahoo.com

Last date for
submission of claims: March 21, 2024


PURVI METALS: Liquidation Process Case Summary
----------------------------------------------
Debtor: M/s Purvi Metals Pvt. Ltd.
        Plot No. 95/96/129 Jawahar Co Op Ind
        Estate Kamothe Panvel Dist Raigad
        Mumbai MH 410219 India

Liquidation Commencement Date: March 4, 2024

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Bharati Manoj Daga
            94B. Palash Tower, Veera Desai Road,
            Andheri West, Mumbai 400053
            Near Country Club
            Mumbai Suburban, Maharashtra, 400053
            Email: bharteedaga1008@gmail.com

            01, Poonam Pearls,
            Opp. to New India Assurance Colony,
            Juhu Lane, Andheri (W) - 400058
            Email: liquidation.purvimetals@gmail.com

Last date for
submission of claims: March 24, 2024


RAMOS CERAMIC: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Ramos Ceramic Private Limited

        Registered Address:
        Sartanpar Ta, Wankaner
        Rajkot Sartanpar
        Gujarat, India 363621
        
Insolvency Commencement Date: February 14, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: August 15, 2024

Interim Resolution
Professional: Bhavan Trivedi
              55, 6th Floor, Shri Krishna Centre
              Nr. Mithakhali Six Roads
              Navrangpura, Ahmedabad
              Gujarat 380009
              Email: bhavant@yahoo.com

Last date for
submission of claims: March 2, 2024


RECALL ALLOYS: CRISIL Lowers Rating on INR17.75cr Term Loan to B
----------------------------------------------------------------
CRISIL Rating has downgraded its long term rating on the bank loan
facilities of Recall Alloys (RA)  to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' while reaffirming the short term rating at 'CRISIL A4'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        1.25        CRISIL A4 (Reaffirmed)

   Cash Credit          10.00        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Term Loan            17.75        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The ratings downgrade reflects the stretch in the liquidity of the
company due to insufficient net cash accruals against the annua
term debt obligation as a result of net loss incurred by the
company in fiscal 2023 which is also expected for the current
fiscal year. CRISIL Ratings believes that improvement I the
operating margin generating sufficient cash accruals will remain a
key monitorable factor.

The rating continues to reflect RA's extensive industry experience
of the promoters, moderate working capital cycle and healthy debt
protection. These strengths are partially offset by its exposure to
intense competition, susceptibility to volatility in raw material
prices and highly leveraged capital structure.

Analytical Approach

CRISIL Ratings has considered standalone financials of RA for the
rating exercise.


Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to intense competition: Intense competition in the pipes
and fittings industry, low product differentiation and high price
sensitivity prevent the prompt pass-through of any increase in
input costs to customers.

* Susceptibility to volatility in raw material prices: As raw
material accounts for 86-88% of operating income, the operating
margin will remain exposed to sharp volatility in raw material
prices. Operations are non-integrated and restricted to the
downstream stage of the steel value chain. The margin is also
susceptible to changes in market prices according to demand-supply
situations.

* Highly leveraged capital structure:  RA has average financial
profile marked by high total outside liabilities to adj tangible
net worth (TOL/ANW) for last three years with 9.58 as on 31st
March, 2023. RA has a net worth of 5.08 crores.

Strengths:

* Extensive industry experience of the promoters: The promoters
have an extensive experience in Pipe and Pipe Fittings industry.
This has given them an understanding of the dynamics of the market
and enabled them to establish relationships with suppliers and
customers.

* Moderate working capital cycle: Gross current assets have
improved over the three fiscals ended March 31, 2023. Its moderate
working capital management is reflected in its gross current assets
(GCA) of 47 days as on March 31, 2023. It is required to extend
credit period in line with the industry standards. As, the
customers are small and medium size player who require credit.
Furthermore, to meet its business requirements, it hold large work
in process & inventory.

Liquidity: Stretched

Bank limit utilization is high at around 90.86 percent for the past
thirteen months ended November 2023. Cash accrual are expected to
be over INR0.78 crores, which are insufficient against term debt
obligation of INR6.60 crores over the medium term. In addition, it
will act as cushion to the liquidity of the company.

The current ratio is healthy at 2.29 times on March 31, 2023. The
promoters are likely to extend support in the form of equity and
unsecured loans to meet its working capital requirements and
repayment obligations.

Outlook: Stable

CRISIL Ratings believe RA will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factors:

* Sustained improvement in scale of operation by 20% and sustenance
of operating margin, leading to higher cash accruals above 7
crores.
* Improvement in financial risk profile

Downward factors:

* Decline in net cash accruals below INR2 crore on account of
decline in revenue or operating profits.
* Large debt-funded capital expenditure weakens capital structure
and financial risk profile

RA was established in 2018. RA is engaged in in manufacturing of
Mild Steel (MS) Pipes, MS Coils, MS Billets and allied. RA
manufacturing facility is located in Himatanagar, Sabarkantha-
Gujarat.

RA is owned & managed by Mr. Rameshbhai K Patel, Mr. Devendra Kumar
Patel, Mr. Vikrant G Patel, Mr. Chiragkumar G Patel and fourteen
other partners.


RELIGARE FINVEST: Ind-Ra Withdraws D LongTerm Bank Loan Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken following rating
actions on Religare Finvest Limited's (RFL) debt instruments:

-- The IND D rating on the INR2.5 mil. Long-term bank loans    
     is withdrawn.

Detailed Rationale of the Rating Action

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-dues certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.

About the Company

RFL is a non-bank finance company that provides loans primarily to
micro, small and medium enterprises through its product offerings
of loan against property and working capital loans.


ROBERT BOSCH: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Robert Bosch Automotive Steering Private Limited
c/o Bosch Chassis Systems India Private Limited Gat No. 306,
        Nanekarwadi, Tal Rajgurunagar,
        Pune, Maharashtra - 410 501

Liquidation Commencement Date: March 4, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Sunit Jagdishchandra Shah
     801-802, Eight Floor, Abhijeet - 1,
            Opp Bhuj Mercantile Bank,
            Mithakhali Six Roads,
            Navrangpura, Ahmedabad,
            Gujarat - 380 006
            Email: liquidation.rbaspl@gmail.com

Last date for
submission of claims: April 3, 2024


SAIBHASKAR IRONS: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Saibhaskar Irons Limited
P.No.73, Lane No. 5 Road No. 72,
        Prashasan Nagar, Near Andhra Bank,
        Jubilee Hills, Hyderabad,
        Telangana, India - 500086

Liquidation Commencement Date: March 1, 2024

Court: National Company Law Tribunal, Hyderabad Bench

Liquidator: Dr. K. V. Srinivas
     Flat No. 402, 4th Floor, "Alcazar Plaza & Towers"
            Banjara Hills, Road No. 1,
            Hyderabad - 500034
            Email: kvsrinivas12@gmail.com
            Email: cirp.sbil@gmail.com

Last date for
submission of claims: April 3, 2024


SAMPURNA SUPPLIERS: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Sampurna Suppliers Private Limited
4, Ram Kumar Rakhit Lane,
        Kolkata, West Bengal India, 700007

Liquidation Commencement Date: March 5, 2024

Court: National Company Law Tribunal Kolkata Bench-III

Liquidator: Sandip Mitra
     53/C Harish Mukherjee Road,
            Kolkata - 700025
            Email: sasoso@gmail.com
            Email: sandipmitra_2001@hotmail.com

Last date for
submission of claims: April 4, 2024


SANMAAN AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sanmaan Agro
Industries (SAI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Warehouse Receipts     1.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SAI for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SAI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAI continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SAI is a partnership firm set up by Mr Zora Singh in Jalalabad,
Punjab, in 2000. The firm mills basmati and non-basmati rice.


SANVI SPINTEX: CRISIL Withdraws B+ Rating on INR8.5cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Sanvi Spintex Llp (SSL) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL Rating's policy on withdrawal of its rating
on bank loan facilities.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1.6        CRISIL A4/Issuer Not
                                     Cooperating (Withdrawn)

   Cash Credit            8.5        CRISIL B+/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Proposed Fund-         0.4        CRISIL B+/Stable/Issuer Not
   Based Bank Limits                 Cooperating (Withdrawn)

   Term Loan             61.5        CRISIL B+/Stable/Issuer Not
                                     Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with SSL for
obtaining information through letters and emails dated Feb. 28,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on SSL is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the ratings on
the bank facilities of SSL to 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

SSL is a limited liability partnership set up in July 2021. The
firm will manufacture combed compact yarn. It is setting up a unit
in Rajkot, Gujarat. The construction is completed, and production
should start in April 2023.


SANYEEJI STEEL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shree Sanyeeji Steel & Power Limited
        Room No. 508, 8th Floor
        21 Hemanta Basu Sarani
        Dalhousie, Kolkata
        West Bengal 700001

Insolvency Commencement Date: February 28, 2024

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 26, 2024

Insolvency professional: Sanjai Kumar Gupta

Interim Resolution
Professional: Sanjai Kumar Gupta
              5A AKMA, 27A Bagmari Road
              Kolkata 700054
              Email: casanjaigupta@gmail.com
              Email: cirp.sanyeeji@gmail.com

Last date for
submission of claims: March 13, 2024


SAYA AUTOMOBILES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Saya Automobiles Limited
        30-31 Municipal Market
        Connaught Place
        Delhi, India 110001

Insolvency Commencement Date: March 4, 2024

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: August 1, 2024

Insolvency professional: Rajiv Bhatnagar

Interim Resolution
Professional: Rajiv Bhatnagar
              Rajiv Bhatnagar & Co. Chartered Accountants
              C-51, 1st Floor, Corporation Bank Building
              Avas Vikas, Nainital Road
              Rudrapur, Udham Singh Nagar
              Uttrakhand 263153
              Email: carajivbhatnagar@gmail.com
              Email: irp.saya@gmail.com

Last date for
submission of claims: March 18, 2024


SHOBHA ASARS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Shobha Asars Private Limited
        Flat No. 401/402, 4th Floor
        Prasad Chambers, Tata Road No. 2
        Charni Road (East), Opera House
        Girgaon Mumbai
        Mumbai City, MH 400004 IN
        
Insolvency Commencement Date: February 17, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 1, 2024

Insolvency professional: Manisha Sanjay Agrawal

Interim Resolution
Professional: Manisha Sanjay Agrawal
              Manisha & Associates
              238 Shriram Towers
              Near NIT Sadar
              Nagpur 440001, Maharashtra
              Email: shobhaasarsip@gmail.com

Last date for
submission of claims: March 18, 2024


SHRADHA AGENCIES: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Shradha Agencies Private Limited
22. Moulani Abul Kalam Azad Road,
        Opp. A.C. Market,
        Howrah, WB-711101 India

Liquidation Commencement Date: February 28, 2024

Court: National Company Law Tribunal Kolkata Bench

Liquidator: Manish Jain
     Room No. 303, 3rd Floor, 2B, Grant Lane, Bajrang Bhawan,
            Near Lal Bazar Bata Shop, Kolkata, West Bengal-700012
            Email: ipcamanishjain@gmail.com
            Email: shradhaagencies@gmail.com
     Mobile No: 9830248684
            Mobile No: 8582806221

Last date for
submission of claims: March 29, 2024


SHREE MAHALAXMI: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shree Mahalaxmi Corporation Pvt. Ltd.

        Registered Address:
        13/2A, Priya Nath Mullick Road
        P.S- Bhawanipore, Kolkata
        Kolkata, West Bengal, India 700026
        
Insolvency Commencement Date: February 23, 2024

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 21, 2024

Insolvency professional: Avishek Gupta

Interim Resolution
Professional: Avishek Gupta
              CK 104, Sector 2
              Salt Lake Kolkata
              West Bengal 700091
              Email: avishek@optimusresolution.net
              Email: cirp.shreemahalaxmi@gmail.com

Last date for
submission of claims: March 8, 2024


SIPAI INDUSTRIES: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sipai
Industries (SI) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            14         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SI for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SI
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SI was set up as a partnership entity in 1995 by Mr Mahmadhussain
Noormamad Sipai and his family members. The firm gins and presses
raw cotton (kapas) to make cotton bales. The cotton seeds separated
in the ginning process are used to manufacture cotton oil. The
cotton bales, oil, and de-oiled cakes are sold to traders, oil
refineries, and dairies, respectively, in Gujarat.


SPEEDOFER COMPONENTS: CRISIL Keeps B- Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Speedofer
Components Private Limited (SCPL) continue to be 'CRISIL B-/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.5        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Foreign Letter         3.5        CRISIL B-/Stable (Issuer Not
   of Credit                         Cooperating)

   Proposed Long Term     1.0        CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SCPL for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

Incorporated in 2007, SCPL is owned and managed by Mr Bramha Jeet
Singh Randhawa. The company manufactures soft ferrite cores. The
manufacturing facility is in Greater Noida, Uttar Pradesh.


TALIB HUSSAIN: CRISIL Lowers Rating on INR6cr Loan to B
-------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Talib Hussain Chashti (THC) to
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. However, the
firm's management has shared the information necessary for a
comprehensive review of the ratings. Consequently, CRISIL Ratings
is migrating the ratings on bank facilities of THC to 'CRISIL
B/Stable/CRISIL A4' From 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         6          CRISIL A4 (Migrated from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING)

   Overdraft Facility     6          CRISIL B/Stable (Migrated
                                     from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING)

   Proposed Fund-         0.5        CRISIL B/Stable (Migrated
   Based Bank Limits                 from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING)

   Term Loan              1.5        CRISIL B/Stable (Migrated
                                     from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING)

The ratings reflect the firm's susceptibility to risks inherent in
tender-based business, its large working capital requirement, small
scale of operations and subdued profitability. These weaknesses are
partially offset by the extensive experience of the promoters in
the civil construction industry and the moderate financial risk
profile of THC.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to risks inherent in tender-based operations,
small scale of operations and subdued profitability: The revenue
and profitability of THC depend entirely on its ability to win
tenders. Moreover, intense competition necessitates aggressive
bidding to procure contracts, which restricts the operating margin.
Given the cyclicality inherent in the construction industry, the
ability to maintain profitability margin through operating
efficiency becomes critical. The scale of operations of THC has
remained small, as reflected in revenue of INR20.15 crore in fiscal
2023 and expected at INR21 crore in fiscal 2024. Modest order book
of INR30 crore as of January 2024 provides limited revenue
visibility over the medium term.

* Large working capital requirement: The firm had sizeable gross
current assets (GCAs) of 539 days as on March 31, 2023. The working
capital cycle will remain stretched, with GCAs expected above 450
days over the medium term, mainly because of funds maintained in
the form of margin deposits.

Strengths:

* Extensive industry experience of the promoters: The extensive
experience of the promoters in the civil construction industry,
their sound understanding of market dynamics and healthy
relationships with suppliers and customers will continue to support
the business risk profile.

* Moderate financial risk profile: Capital structure has been
moderate on account of limited reliance on external funds, as
reflected in gearing of 0.90 time and total outside liabilities to
adjusted networth ratio of 2.29 times as on March 31, 2023, and
expected  around 0.8 time and around 2 times, respectively, as on
March 31, 2024. The networth was INR11.17 crore as on March 31,
2023, and is expected at a similar to level as on March 31, 2024.
Debt protection metrics have been modest, as reflected in interest
coverage and net cash accrual to adjusted debt (NCAAD) ratio of
1.62 times and 0.06 time, respectively, in fiscal 2023. The
interest coverage and NCAAD ratio are expected at around 1.7 times
and 0.1 time, respectively, in fiscal 2024.

Liquidity: Stretched

Bank limits were fully utilised over the 12 months through January
2024. Net cash accrual is expected to be low at INR0.7-1.5 crore
per annum, but will be sufficient to cover yearly debt obligation
of INR0.30-0.40 crore over the medium term. Current ratio was
moderate at 1.34 times on March 31, 2023.

Outlook: Stable

THC will continue to benefit from the extensive experience of its
promoters and established relationships with clients.

Rating Sensitivity factors

Upward factors:

* Sustained growth in revenue and stable operating margin leading
to net cash accrual of over INR1.7 crore
* Efficient working capital management resulting in cushion in the
bank limits

Downward factors:

* Decline in revenue by more than 25% leading to net cash accrual
of less than INR0.50 crore
* Significant capital withdrawal or large, debt-funded capital
expenditure weakening the capital structure

THC is based in Poonch, Jammu and Kashmir, and is engaged in civil
construction works, such as construction of roads and bridges. It
is owned and managed by Mr Talib Hussain and Mr Mohammad Rafiq.


THIRUMALA CABS: CRISIL Lowers Rating on INR10cr Term Loan to D
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, have migrated the rating of Thirumala Cabs Limited
(TCL) to 'CRISIL B+/Stable Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL Ratings is downgraded the rating on the bank
facilities of TCL to 'CRISIL D' from 'CRISIL B+/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Overdraft Facility      10        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

The rating reflects delays in servicing its term debt obligations
due to huge operational expenses and stretched liquidity.

The rating continues to reflect delay in servicing the term debt
obligation due to weaker liquidity profile and susceptibility to
volatile input cost, intense competition, and government policies
in road freight transport segment. These weaknesses are partially
offset by the longstanding experience of TCL's promoters in the
transport industry and geographical diversification in revenue
profile. These strengths are mitigated by moderate scale of
operations and

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing the term debt obligation due to weaker
liquidity profile: Liquidity is weak, as reflected in multiple
instances of delay in term debt servicing due to cash flow
mismatches and huge operational expenses

* Susceptibility to volatile input cost, intense competition, and
government policies in road freight transport segment: Operating
margin in the intensely competitive logistics industry is
vulnerable to volatility in fuel prices, which in turn depends on
international crude oil prices. Also, the cost structure and
profitability margins are highly exposed to transport policies at
state and national level related to heavy vehicle and pollution.

Strengths:

* Extensive industry experience of the promoters: The promoters
have experience of over two decades in Transport & Logistics
industry. This has given them an understanding of the dynamics of
the market and enabled them to establish relationships with
suppliers and customers.

* Geographical diversification in revenue profile: TCL's passenger
transportation business is geographically diversified in the states
of Tamil Nadu, Karnataka, Kerala, Telangana, and Andhra Pradesh.
CRISIL Ratings believes that TCL's business profile shall continue
to benefit on the back of geographic diversification in revenue
profile.

Liquidity: Poor

The stretched working capital cycle have led to full utilization of
the CC/OD account. The average Bank limit utilization is 100% for
past 12 months ended January 2024. Further, several instances of
delays are seen in servicing the term debt obligation.

Rating Sensitivity factors

Upward factors

* Track record of timely debt servicing for at least 90 days.
* Improvement in overall liquidity profile of the company.

Incorporated in 2000, and based out of Hyderabad, Thirumala Cabs
Ltd (TCL) is engaged in to Inter-city bus transportation service.
The day to-day operations of the firm is managed by Mr. Sunil
Kumar.


UCI LOGISTICS: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: UCI Logistics Solutions Private Limited
Suite 110, The Executive Zone,
        Shakti Tower-1, 766 Anna Salai,
        Chennai - 60002,
        Tamil Nadu, India

Liquidation Commencement Date: February 19, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Shashikant Shravan Dhamne,
     10, Shreeban,
            Opp. Police Ground,
            F.C. Road, Shivajinagar,
            Pune-411016, Maharashtra
            Email: ssdhamne@yahoo.co.in
            Tel No: 020-25665551

Last date for
submission of claims: March 20, 2024


UMRITHA INFRASTRUCTURE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Umritha Infrastructure Development LLP

        Registered Address:
        711/92, Deepali, Nehru Place
        New Delhi - 110019
        
Insolvency Commencement Date: January 31, 2024

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: August 17, 2024

Insolvency professional: Vikram Bajaj

Interim Resolution
Professional: Vikram Bajaj
              214, Tower A, Spazedge
              Sector 47, Gurgaon - 110034
              Email: bajaj.vikram@gmail.com
              Email: cirpumritha@gmail.com

Last date for
submission of claims: March 4, 2024


VIJAY WEAVING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Vijay Weaving & Dying Private Limited
        454/458, Ramdas Building
        Office 2nd Floor, Room No. 6
        Popatwadi Corner
        Kalbadevi Road
        Mumbai 400002
        
Insolvency Commencement Date: February 23, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 21, 2024

Insolvency professional: Girish Krishna Hingorani

Interim Resolution
Professional: Girish Krishna Hingorani
              5C, Mehta Sadan
              S H Parelkar Marg
              Dadar, Mumbai 400028
              Email: girish 2207@rediffmail.com
              Email: cirp.vwdpl@gmail.com

Last date for
submission of claims: March 8, 2024


VISWABHARATHI EDUC: CRISIL Withdraws D Rating on INR155cr Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Viswabharathi Educational Society (VES) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         9.5        CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Long Term Loan       155.0        CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Proposed Long Term     1.6        CRISIL D/Issuer Not
   Bank Loan Facility                Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with VES for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VES. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on VES is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
Continued the ratings on the bank facilities of VES to 'CRISIL
D/CRISIL D Issuer not cooperating'.

VES, set up by Dr. D Kanta Reddy in 1995, operates a medical
college and a 750-bed teaching hospital, set up in 2014, in
Kurnool, Andhra Pradesh.

Viswabharathi Super Speciality Hospital, set up in 2005, operates a
multi-speciality hospital in Kurnool. Viswabharathi Cancer
Hospital, set up in 2009, is a single-speciality hospital.


YASHRAJ CONTAINEURS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Yashraj Containeurs Limited

        Registered Address:
        B-1A, 1st Floor, Madhav Niwas CHSL
        Opp SV Road, Natakwala Lane
        Borivali (W) Mumbai 400092

        Factory Address:
        Survey No 260/ 6 & 7
        Bhimpore, Char Rasta
        Bhimpore, Daman 396210
             
Insolvency Commencement Date: February 22, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 20, 2024

Interim Resolution
Professional: Manish Motilal Jaju
              M M JAJU & CO.
              D 502 Neelkanth Business Park
              Vidyavihar, Mumbai
              Maharashtra 400086
              Email: mmjaju76@gmail
              Email: yashraj@hotmail.com

Last date for
submission of claims: March 8, 2024




=========
J A P A N
=========

[*] JAPAN: Record Number of Fitness Clubs Go Bust in 2023
---------------------------------------------------------
The Mainichi reports that a record number of fitness clubs in Japan
have gone insolvent this fiscal year despite the market size
growing, and a research firm analyzes this phenomenon as due to a
shakeout taking place.

With the coronavirus pandemic having passed, people have more
opportunities to get out and about, but the number of health club
insolvency cases is said to have reached a record high.

The Mainichi, citing private survey company Tokyo Shoko Research
Ltd., discloses that there have been 28 fitness club insolvency
cases in fiscal 2023 as of February, with a month left in the
fiscal year. This has already surpassed the 16 cases in fiscal
2022, the previously highest number since the firm began its survey
in 1998. Although the market is growing in size due to increasing
health consciousness, the company points out that "the shakeout of
clubs that continue to perform poorly is proceeding at a rapid
pace."

According to the Ministry of Economy, Trade and Industry's Current
Survey of Selected Service Industries, the total number of fitness
club users in Japan had been rising steadily since 2000, peaking at
a total of 256 million in 2018, The Mainichi relates. However, due
to the COVID-19 crisis, the figure declined to 171.58 million users
in 2020. As the impact of the pandemic subsided, the number of
visitors to health clubs began to recover, and in 2023, it hit a
total of 216.79 million users, up 3% from the previous year.

However, Tokyo Shoko Research analyzes that the management of
fitness centers in recent years has "polarized," The Mainichi says.
There are mainly two types of health clubs: major clubs that charge
high membership fees but offer a full range of equipment and
trainers, and others run by local companies that offer a smaller
variety of training machines but are less expensive. More recently,
"chocoZAP" simple training gyms, operated by fitness giant Rizap,
that are inexpensive and whose members can use the facilities
anywhere in Japan in principle, have entered the market.
Competition for users is intensifying.

All 28 gym operators that had gone insolvent up to February this
year were individual companies or small businesses with capital of
less than JPY100 million (about $670,000), The Mainichi notes.
Seven of them had debts of JPY100 million or more. By type of
business failure, there were 27 bankruptcies and one special
liquidation. Tokyo Shoko Research believes, "Many of the insolvency
cases are of the 'extinct' type, in which the business does not
continue. The reckless upfront investment jumping on the bandwagon
of the health boom has become a burden."

Furthermore, costs such as utility, labor and equipment expenses
have been on the rise recently. When membership sales slump, cash
flow also tends to deteriorate at once. The research firm noted
that "the shakeout of unprofitable clubs is likely to continue."

In the survey, Tokyo Shoko Research compiled and analyzed data on
fitness clubs with debts of JPY10 million (approx. $67,000) or
more, adds The Mainichi.




=====================
N E W   Z E A L A N D
=====================

HKS INVESTMENTS: Placed Under Receivership
------------------------------------------
Tony Leonard Maginness and Jared Waiata Booth of Baker Tilly
Staples Rodway Auckland on March 15, 2024, were appointed as
receivers and managers of HKS Investments Limited.

The receivers and managers may be reached at:

          Baker Tilly Staples Rodway Auckland Limited
          PO Box 3899
          Auckland 1140


MAGIC KIDS: Creditors' Proofs of Debt Due on April 12
-----------------------------------------------------
Creditors of Magic Kids Club Limited are required to file their
proofs of debt by April 12, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 12, 2024.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East, Christchurch 8141


SKY STONE: Court to Hear Wind-Up Petition on March 22
-----------------------------------------------------
A petition to wind up the operations of Sky Stone Consulting
Limited will be heard before the High Court at Auckland on March
22, 2024, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 4, 2024.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


TAJ HOTEL: Court to Hear Wind-Up Petition on April 18
-----------------------------------------------------
A petition to wind up the operations of Taj Hotel & Resort Hokianga
2018 Limited will be heard before the High Court at Auckland on
April 18, 2024, at 10:00 a.m.

Fujifilm Business Innovation New Zealand Limited filed the petition
against the company on Feb. 14, 2024.

The Petitioner's solicitor is:

          Catherine Louise Waugh
          c/- Credit Consultants Group NZ Limited
          Level 6, 15 Willeston Street
          Wellington Central
          Wellington 6011


TRAVEL2000 LIMITED: Court to Hear Wind-Up Petition on April 18
--------------------------------------------------------------
A petition to wind up the operations of Travel2000 Limited will be
heard before the High Court at Auckland on April 18, 2024, at 11:45
a.m.

Kandan Vinddan filed the petition against the company on Feb. 28,
2024.

The Petitioner's solicitor is:

          Umar Abdul Kuddus
          c/- Phoenix Law Limited
          200 Willis Street, Te Aro
          Wellington 6011




===============
P A K I S T A N
===============

PAKISTAN: Holds Rate at Record With IMF Talks Underway
------------------------------------------------------
Bloomberg News reports that Pakistan's central bank held the key
interest rate at a record high for a sixth straight meeting, as a
newly-elected government holds loan talks with the International
Monetary Fund that wants a tight monetary policy to curb
inflation.

The State Bank of Pakistan kept the target rate at 22%, according
to a statement on March 18. Thirty of the 37 analysts surveyed by
Bloomberg predicted a hold while the rest expected a cut.

According to Bloomberg, the decision comes as a new government led
by Prime Minister Shehbaz Sharif seeks a new loan of at least $6
billion from the multilateral lender. An IMF mission visiting
Pakistan will conclude talks on March 18 for a review of an
existing program, which could see the release of the final tranche
of $1.1 billion.

The rate-setters "observed that despite the sharp deceleration in
February, the level of inflation remains high and its outlook is
susceptible to risks," the central bank said in a statement on its
website. "This warrants a cautious approach and requires continuity
of the current monetary stance."

Bloomberg relates that most analysts expect the central bank to
start its rate cut cycle from the next meeting on April 29 if
consumer price gains continue to ease. Pakistan's inflation pace
slowed to 23.06% in February, the lowest in almost two years and
exceeding market expectations.

Bond managers are reducing their exposure to Pakistan's debt after
a rally of almost 25% this year, as the nation's history of policy
slippage cast a cloud over negotiations for a new IMF bailout
program.

Economists are watching to see if consumer price gains fall below
the interest rate next month, which could be a sign for the central
bank to start easing. Pakistan's interest rates are expected to
drop by 600 basis points to 16% by the end of the year, according
to a median forecast in a Bloomberg survey.

Pakistan remains heavily reliant on IMF aid as the nation faces
$24.3 billion in external financing needs in the fiscal year
starting July, about three times its foreign exchange reserves,
Bloomberg relays. It needs to make a payment of about $1 billion
for dollar bonds maturing in April.

According to Bloomberg, the nation will easily repay a total of
$3.5 billion of foreign debt due by June-end, State Bank of
Pakistan Governor Jameel Ahmad said in an analyst briefing. Another
$6 billion is expected to be rolled over, said Ahmad.

The rupee may come under pressure after nearly six months of
stability due to the debt repayments, according to a report by
Intermarket Securities Ltd. last week. Any delay in a new IMF
agreement could lead to a ramp up in speculation in the currency
market, the brokerage said.

                           About Pakistan

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

As reported in the Troubled Company Reporter-Asia Pacific in
December 2023, Fitch Ratings affirmed Pakistan's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'CCC'. Fitch
typically does not assign Outlooks to sovereigns with a rating of
'CCC+' or below.




=================
S I N G A P O R E
=================

BULL WILL: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on March 8, 2024, to
wind up the operations of Bull Will Trading (S) Pte. Ltd.

Australasian Sands International Pty Ltd filed the petition against
the company on Jan. 16, 2024.

The companies' liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         Seah Roh Lin
         BDO Advisory
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


CRG CONTRACTORS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on March 8, 2024, to
wind up the operations of CRG Contractors Pte. Ltd.

Australasian Sands International Pty Ltd filed the petition against
the company on Jan. 16, 2024.

The companies' liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         Seah Roh Lin
         BDO Advisory
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


IIML FUND: Creditors' Proofs of Debt Due on April 18
----------------------------------------------------
Creditors of IIML Fund Managers (Singapore) Pte. Ltd. are required
to file their proofs of debt by April 18, 2024, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on March 13, 2024.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


ONB TECHNOLOGIES: Commences Wind-Up Proceedings
-----------------------------------------------
Members of ONB Technologies Pte Ltd on March 8, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Ellyn Tan Huixian
          c/o Mazars Consulting  
          135 Cecil Street
          #10-01 Philippine Airlines Building
          Singapore 069536


TERAS LYZA: Commences Wind-Up Proceedings
-----------------------------------------
Members of Teras Lyza Pte Ltd on March 8, 2024, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidators are:

          Ng Kian Kiat
          Goh Wee Teck
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2024.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***